Acra Lending remains committed to supporting borrowers’ needs across the market
Following its rebrand from Citadel Servicing Corp. to Acra Lending, the company has also launched a new jumbo prime program. HousingWire recently spoke with Keith Lind, Acra executive chairman and president, and Acra CEO Kyle Gunderlock, about the new program and how it will help borrowers in 2021 and beyond.
HousingWire: Why did you develop the Jumbo Prime program?
Keith Lind: This specific program has been developed to meet the needs of customers in today’s environment. We wanted to introduce a program that provides borrowers with the larger loan amounts they need to purchase or refinance a high-value property. We have been working non-stop to provide programs through our retail, wholesale and correspondent channels, which have significant demand in the marketplace.
Kyle Gunderlock: The addition of this program demonstrates our commitment in identifying, responding to and anticipating the needs of borrowers across the market. We have always set high standards and our team works diligently on a daily basis to continue to maintain responsible lending practices as the foundation of our business.
HW: How does this help borrowers?
KL: Rates are at an all-time low, but jumbo mortgages are harder to access for borrowers due to ongoing economic downturn caused by COVID-19. The introduction of this program allows for an added avenue for those borrowers who are looking to purchase or refinance high-value properties.
The Jumbo Prime program is designed for qualified borrowers who may have larger loan amounts than allowed under conventional loan terms.
KG: We continuously work to meet the needs of our customers, whether borrowers or brokers, and aim to excel through providing simplicity, consistency and an optimal customer experience.
Our team always asks the difficult questions when determining whether there is a need for a program and whether a customer can benefit from it. This program ticks all those boxes and allows us to offer another valuable program.
HW: How do you foresee this program being utilized in 2021?
KL: As the mortgage lending space experiences continuous changes, we have worked resourcefully to meet market demands. This is going to be a great program for our mortgage brokers and borrowers, not only in 2021 but for years to come. The median home price across the U.S. has steadily increased over the past decade and shows no sign of slowing down. This creates the need for programs like our Jumbo Prime product. The key to a lender being successful is the ability to provide a complete suite of programs that works for everyone; we are doing just that.
KG: If this last year has taught us anything, it is that nothing is guaranteed. What we can do is prepare to meet a variety of challenges in an ever-changing market. This program, and many others, was developed like our 3-Month Bank Statement program: with our customers’ needs at the forefront of our development process.
We are confident that with our experienced management team, we will continue to develop programs like the Jumbo Prime to meet the needs of the mortgage lending space for years to come. Our customers can benefit in knowing that when they partner with Acra Lending, they are doing so with a lender that is focused on bringing a diverse menu of programs and an exceptional customer experience to a marketplace that is often filled with excessive or unnecessary complications.